- SHIB’s burn rate rose by 440%, burning 375K tokens in 24 hours.
- SHIB remains below 61.8% Fibonacci resistance, keeping price under pressure.
- Whale accumulation continues despite price weakness and increased burn activity.
SHIB Burn Rate Surge Signals Possible Breakout
Shiba Inu’s recent surge in burn activity has caught the attention of market analysts. The burn rate of SHIB tokens increased by 440% within just 24 hours, with a total of 375,000 tokens being burned.
Shiba Inu’s recent surge in burn activity has caught the attention of market analysts. The burn rate of SHIB tokens increased by 440% within just 24 hours, with a total of 375,000 tokens being burned.
While this figure remains relatively small in the context of SHIB’s total supply, some see it as a positive indicator. The increase in burn activity could reduce supply, which in turn might support price movement in the future.
Despite the surge in burn activity, the SHIB price has mainly been consolidating. The cryptocurrency’s price remains confined to a lower trendline, with the bulls needing to push the price above a yellow trendline to trigger a more sustained uptrend.
As per Elliott Wave analysis, SHIB is currently in a correction phase, and the price is expected to remain within a broader range for the time being. However, if the bulls can manage to break above the trendline, a potential bullish continuation could follow.
Whale Activity Continues Amid Price Weakness
Despite the ongoing price consolidation, large investors, or whales, continue to accumulate SHIB. This trend suggests that there is continued interest from investors who are looking to position themselves for potential future price movements.
Analysts believe that the combination of increased whale activity and a rising burn rate may be key factors in determining the direction of SHIB’s price in the coming weeks.
The whale activity aligns with the broader market sentiment that SHIB could be poised for a breakout. However, any significant price movement will likely require a breach of key resistance levels.
The 61.8% Fibonacci retracement level, located at 0.0000263, remains a critical resistance zone for SHIB. This level could act as a crucial point in triggering further upward momentum if SHIB’s price manages to break through it.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
